What is asset?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 July 2012
I am a freelance web designer. At the balancesheet I need to declare my assets. My questions are -
1.) What is an asset?
2.) If I bought anything non-related to my profession (like TV or AC) is an asset?
3.) Why should I declare asstes? Is it mandatory?
4.) Which is asset - I bought a computer mouse (and many other small things) and a trademill this year.
5.) Should I declare those things only which I have bills?
Pls help me.
Many thanks
Sourav
1.) What is an asset?
2.) If I bought anything non-related to my profession (like TV or AC) is an asset?
3.) Why should I declare asstes? Is it mandatory?
4.) Which is asset - I bought a computer mouse (and many other small things) and a trademill this year.
5.) Should I declare those things only which I have bills?
Pls help me.
Many thanks
Sourav
10 July 2012
KINDLY REFER ACCOUNTING STANDARD - 10 "ACCOUNTING FOR FIXED ASSETS".
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Clubbing of Income - Minor
- Regarding Individuals Retuned to India and Resident currently
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- ERROR IN DEPRECIATION CALCULATION IN PREVIOUS YEAR COMPANY'S BOOKS
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
